Division of Revenue Act, 2011
R 385
South African Postbank Limited Act, 2010 (Act No. 9 of 2010)Chapter VI : General and Miscellaneous28. Certain provisions of Companies Act may be declared inapplicable to Company |
(1)
| (a) | The Minister may request the Minister of Trade and Industry to declare any provision of the Companies Act to be inapplicable to the Company. |
| (b) | The request must be fully motivated by the Company. |
(2)
| (a) | The Registrar of Companies must publish particulars about the request and the motivation contemplated in subsection (1) by notice in the Gazette. |
| (b) | In such notice, the Registrar must invite interested persons to submit representations to a person named in the notice within a period stipulated in that notice. |
(3)
| (a) | After having considered the representations contemplated in subsection (2), if any, the Minister of Trade and Industry may, by notice in the Gazette, declare the whole or any part of the provision concerned to be inapplicable to the Company with effect from the date stipulated in that notice. |
| (b) | The Minister of Trade and Industry may only issue the declaration if satisfied on reasonable grounds that the inapplicability of that provision to the Company— |
| (i) | will contribute to the Company's efficiency; |
| (ii) | will not reduce or limit the Company's accountability as a public entity or reduce the transparency of its functioning and operations; and |
| (iii) | will not be prejudicial to the rights, interests or claims of the Company's creditors or employees or to the rights or interests of any other person. |
| (4) | This section applies with the changes required by the context to the former Postbank functioning as contemplated in section 30. |
